It's the Spending, Stupid!

Say what you like about "tax cuts;" the elephant in the room is Deficit Spending.

With the economy weakening and spending on the war rising, the federal government's budget deficit is expected to more than double this year compared with last year, the Congressional Budget Office estimated Tuesday. The federal deficit is projected to hit $407 billion in the fiscal year that ends Sept. 30 ... (CBO)

Calculated Risk notes:

...to be accurate, this is the Unified Budget deficit. The General Fund deficit (the responsibility of the President) will be over $600 billion this year. This will put the National Debt close to $10 Trillion when the next President takes office in January 2009 (not counting any impact from the Paulson Plan for Fannie and Freddie).

For practical purposes, SocSec taxation is a large chunk of the $200Bn 'counter-deficit' evident from the above--and SocSec spending is about to go into orbit as the Boomers give up earning a living.

McCain actually has an issue: the Spending. Obamamamamama is proposing a helluvalot MORE spending and it is highly unlikely that he can tax his way to a balanced budget no matter how he spins it. (See below post for the short explanation.)

It remains to be seen if McCain/Palin can pull off the Hat Trick of the century: eliminate the deficit and start gaining on the national debt.